DBRS Morningstar Confirms and Withdraws Its Rating on Callidus ABL Corporation Series 2016-1 Loans

DBRS, Inc. (DBRS Morningstar) confirmed and subsequently discontinued and withdrew its ratings of AAA (sf), AA (sf), A (sf), and BBB (sf) on the Series 2016-1 Class A, B, C, and D Loans issued by Callidus ABL Corporation (the Borrower), respectively.

DBRS Morningstar’s ratings on the Series 2016-1 Class A Loans and the Series 2016-1 Class B Loans addressed the Borrower’s ability to make timely payments of interest and ultimate payments of principal on or before the Stated Maturity occurring in December 2021. DBRS Morningstar’s ratings on the Series 2016-1 Class C Loans and the Series 2016-1 Class D Loans addressed the Borrower’s ability to make ultimate payments of interest and principal on or before the Stated Maturity occurring in December 2021.

The Series 2016-1 Loans were issued pursuant to the Loan Financing and Servicing Agreement, dated on December 1, 2016, between Callidus ABL Corporation, as Borrower; Callidus Capital Corporation, as Equityholder and Collateral Manager; Deutsche Bank Trust Company Americas (rated A (low) with a Negative trend by DBRS Morningstar), as Administrative Agent, Collateral Custodian, and Securities Intermediary; the Agents party thereto; and the Lenders from time to time party thereto. DBRS Morningstar considers Callidus Capital Corporation an acceptable collateralized loan obligation manager.

To assess portfolio credit quality, DBRS Morningstar provides a credit estimate or internal assessment for each non-financial corporate obligor in the portfolio not rated by DBRS Morningstar. Credit estimates are not ratings; rather, they represent a primarily model-driven default probability for each obligor that is used in assigning the rating to the facility.

Notes:
The principal methodology is Rating CLOs and CDOs of Large Corporate Credit, which can be found on dbrs.com under Methodologies

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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